MC:F is unusable for me because of the constant flashing console window, running and re-running "C:\Windows\System32\cmd.exe" and Avid Application Manager stuck in perpetual "Initializing..." mode and not even allowing me to log in.

Any fix for this?

P.S. I tried uninstalling, rebooting and reinstalling to no effect. I have to disable the Application Manager in the startup tab of the task manager, otherwise my computer is completely useless.

Same thing happened to me. I am currently using my software without application manager installed. I had Pro tools First on my laptop along with pro tools 12 which I was trying to install when the problem occured. I just uninstalled all my Avid software, remove pro tools first installed Pro tools 12 only and also ilok Manager and everything is running fine. upon installation pro tools did not install application manager where it previously did before. It isn't even part of the installation I just installed.